Vote Result

Yea Votes

Nay Votes

A vote to adopt a conference report that amends the Internal Revenue Code to reduce certain tax rates and modify policies, credits, and deductions for individuals and businesses.

Highlights:

Repeals the tax penalty under the Affordable Care Act for failing to have health insurance beginning in 2019 (Sec. 11081).

Amends the structure of the individual income tax so that the 7 brackets have rates of 10%, 12%, 22%, 24%, 32%, 35%, and 37%, effective until December 31, 2025 (Sec. 11001).

Increases the standard deduction to $24,000 for married individuals filing jointly, $18,000 for heads of household, and $12,000 for all other individuals, effective until December 31, 2025 (Sec. 11021).

Establishes a $10,000 limit on the state and local tax deduction (SALT), which applies to individuals or married couples filing jointly, and authorizes any state or local property, income, or sales taxes to count toward the deduction (Sec. 11042).

Specifies that the SALT limit for married individuals filing a separate tax return is $5,000 (Sec. 11042).

Increases the Alternative Minimum Tax exemption levels to $70,300 for singles and $109,400 for married couples (Sec. 12003).

Increases the annual exemption for estate, gift and generation-skipping taxes from the $5 million base to a new $10 million base, effective for tax years 2018 through 2025 (Sec. 11061).

Increases the child tax credit to $2,000 per child, $1,400 of which will be fully refundable (Sec. 11022).

Authorizes a $500 non-refundable credit for each non-child dependent or child without a valid Social Security number, effective December 31, 2017 (Sec. 11022).

Specifies that the deduction for personal exemptions will be suspended from December 31, 2017 to December 31, 2025 (Sec. 11041).

Authorizes a deduction for medical expenses exceeding 7.5% of an individual’s adjusted gross income, effective only until January 1, 2019 (Sec. 11027).

Specifies that the deduction for charitable giving remains in effect (Sec. 11023).

Repeals deductions for interest on loans for second homes or home equity loans, with the exception of those that are used to finance home improvements (Sec. 11043).

Repeals the deduction for moving expenses unless the individual in question is an active member of the Armed Forces and is moving because of a military order (Sec. 11050).

Establishes a tax credit for paid family and medical leave, set to expire in December of 2019 (Sec. 13403).

Specifies that for any divorce or separation agreement executed or modified after December 31, 2018, alimony payments to an ex-spouse will no longer be deductible by the payor and will no longer be included as part of the recipient’s gross income (Sec. 11051).

Authorizes the Secretary of the Treasury to determine the amount of tax required to be withheld by employers from a taxpayer’s wages until January 1, 2019 (Sec. 11041).

Establishes a territorial tax system in which each subsidiary of a corporation that is located outside of the United States pays the tax rate of the country in which it is legally established (Sec. 14222).

Specifies that 100% of the foreign-source portion of dividends paid by a foreign corporation to a U.S. corporate shareholder that owns 10% or more of the foreign corporation is exempt from U.S. taxation (Sec. 14101).

Establishes a 1.4% excise tax on investment income of private colleges and universities with assets valued at $500,000 per student, applicable only to institutions with at least 500 students (Sec. 13701).

Reduces the federal excise tax imposed on domestic brewers from $7 per barrel to $3.50 per barrel, which applies only to brewers that make no more than 2 million barrels annually (Sec. 13802).

Vote Result

Yea Votes

Nay Votes

A vote to adopt a conference report that amends the Internal Revenue Code to reduce certain tax rates and modify policies, credits, and deductions for individuals and businesses.

Highlights:

Repeals the tax penalty under the Affordable Care Act for failing to have health insurance beginning in 2019 (Sec. 11081).

Amends the structure of the individual income tax so that the 7 brackets have rates of 10%, 12%, 22%, 24%, 32%, 35%, and 37%, effective until December 31, 2025 (Sec. 11001).

Increases the standard deduction to $24,000 for married individuals filing jointly, $18,000 for heads of household, and $12,000 for all other individuals, effective until December 31, 2025 (Sec. 11021).

Establishes a $10,000 limit on the state and local tax deduction (SALT), which applies to individuals or married couples filing jointly, and authorizes any state or local property, income, or sales taxes to count toward the deduction (Sec. 11042).

Specifies that the SALT limit for married individuals filing a separate tax return is $5,000 (Sec. 11042).

Increases the Alternative Minimum Tax exemption levels to $70,300 for singles and $109,400 for married couples (Sec. 12003).

Increases the annual exemption for estate, gift and generation-skipping taxes from the $5 million base to a new $10 million base, effective for tax years 2018 through 2025 (Sec. 11061).

Increases the child tax credit to $2,000 per child, $1,400 of which will be fully refundable (Sec. 11022).

Authorizes a $500 non-refundable credit for each non-child dependent or child without a valid Social Security number, effective December 31, 2017 (Sec. 11022).

Specifies that the deduction for personal exemptions will be suspended from December 31, 2017 to December 31, 2025 (Sec. 11041).

Authorizes a deduction for medical expenses exceeding 7.5% of an individual’s adjusted gross income, effective only until January 1, 2019 (Sec. 11027).

Specifies that the deduction for charitable giving remains in effect (Sec. 11023).

Repeals deductions for interest on loans for second homes or home equity loans, with the exception of those that are used to finance home improvements (Sec. 11043).

Repeals the deduction for moving expenses unless the individual in question is an active member of the Armed Forces and is moving because of a military order (Sec. 11050).

Establishes a tax credit for paid family and medical leave, set to expire in December of 2019 (Sec. 13403).

Specifies that for any divorce or separation agreement executed or modified after December 31, 2018, alimony payments to an ex-spouse will no longer be deductible by the payor and will no longer be included as part of the recipient’s gross income (Sec. 11051).

Authorizes the Secretary of the Treasury to determine the amount of tax required to be withheld by employers from a taxpayer’s wages until January 1, 2019 (Sec. 11041).

Establishes a territorial tax system in which each subsidiary of a corporation that is located outside of the United States pays the tax rate of the country in which it is legally established (Sec. 14222).

Specifies that 100% of the foreign-source portion of dividends paid by a foreign corporation to a U.S. corporate shareholder that owns 10% or more of the foreign corporation is exempt from U.S. taxation (Sec. 14101).

Establishes a 1.4% excise tax on investment income of private colleges and universities with assets valued at $500,000 per student, applicable only to institutions with at least 500 students (Sec. 13701).

Reduces the federal excise tax imposed on domestic brewers from $7 per barrel to $3.50 per barrel, which applies only to brewers that make no more than 2 million barrels annually (Sec. 13802).

Vote Result

Yea Votes

Nay Votes

A vote to adopt a conference report that amends the Internal Revenue Code to reduce certain tax rates and modify policies, credits, and deductions for individuals and businesses.

Highlights:

Repeals the tax penalty under the Affordable Care Act for failing to have health insurance beginning in 2019 (Sec. 11081).

Amends the structure of the individual income tax so that the 7 brackets have rates of 10%, 12%, 22%, 24%, 32%, 35%, and 37%, effective until December 31, 2025 (Sec. 11001).

Increases the standard deduction to $24,000 for married individuals filing jointly, $18,000 for heads of household, and $12,000 for all other individuals, effective until December 31, 2025 (Sec. 11021).

Establishes a $10,000 limit on the state and local tax deduction (SALT), which applies to individuals or married couples filing jointly, and authorizes any state or local property, income, or sales taxes to count toward the deduction (Sec. 11042).

Specifies that the SALT limit for married individuals filing a separate tax return is $5,000 (Sec. 11042).

Increases the Alternative Minimum Tax exemption levels to $70,300 for singles and $109,400 for married couples (Sec. 12003).

Increases the annual exemption for estate, gift and generation-skipping taxes from the $5 million base to a new $10 million base, effective for tax years 2018 through 2025 (Sec. 11061).

Increases the child tax credit to $2,000 per child, $1,400 of which will be fully refundable (Sec. 11022).

Authorizes a $500 non-refundable credit for each non-child dependent or child without a valid Social Security number, effective December 31, 2017 (Sec. 11022).

Specifies that the deduction for personal exemptions will be suspended from December 31, 2017 to December 31, 2025 (Sec. 11041).

Authorizes a deduction for medical expenses exceeding 7.5% of an individual’s adjusted gross income, effective only until January 1, 2019 (Sec. 11027).

Specifies that the deduction for charitable giving remains in effect (Sec. 11023).

Repeals deductions for interest on loans for second homes or home equity loans, with the exception of those that are used to finance home improvements (Sec. 11043).

Repeals the deduction for moving expenses unless the individual in question is an active member of the Armed Forces and is moving because of a military order (Sec. 11050).

Establishes a tax credit for paid family and medical leave, set to expire in December of 2019 (Sec. 13403).

Specifies that for any divorce or separation agreement executed or modified after December 31, 2018, alimony payments to an ex-spouse will no longer be deductible by the payor and will no longer be included as part of the recipient’s gross income (Sec. 11051).

Authorizes the Secretary of the Treasury to determine the amount of tax required to be withheld by employers from a taxpayer’s wages until January 1, 2019 (Sec. 11041).

Establishes a territorial tax system in which each subsidiary of a corporation that is located outside of the United States pays the tax rate of the country in which it is legally established (Sec. 14222).

Specifies that 100% of the foreign-source portion of dividends paid by a foreign corporation to a U.S. corporate shareholder that owns 10% or more of the foreign corporation is exempt from U.S. taxation (Sec. 14101).

Establishes a 1.4% excise tax on investment income of private colleges and universities with assets valued at $500,000 per student, applicable only to institutions with at least 500 students (Sec. 13701).

Reduces the federal excise tax imposed on domestic brewers from $7 per barrel to $3.50 per barrel, which applies only to brewers that make no more than 2 million barrels annually (Sec. 13802).

Specifies that 100% of the foreign-source portion of dividends paid by a foreign corporation to a U.S. corporate shareholder that owns 10% or more of the foreign corporation is exempt from U.S. taxation (Sec. 14101).

Increases the the estate and gift tax exemption to $10 million (Sec. 11061).

Specifies that the following itemized deductions remain in effect (Secs. 1402, 1403, and 1405):

The mortgage interest deduction with a cap of $500,000 in loans for newly purchased homes;

Charitable contribution deductions; and

Deductions for property taxes, which would be capped at $10,000 per tax filer.

Repeals the tax credit for energy efficient homes acquired after December 31, 2013, as well as the credit for electricity produced from renewable resources (Secs. 3217 and 3206).

Specifies that 100% of the foreign-source portion of dividends paid by a foreign corporation to a U.S. corporate shareholder that owns 10% or more of the foreign corporation is exempt from U.S. taxation (Sec. 4001).

Repeals the Alternative Minimum Tax (AMT), the federal tax system designed to prevent wealthy taxpayers from using loopholes to avoid paying taxes (Sec. 2001).

Repeals the Work Opportunity Tax Credit (WOTC), the federal tax credit for employers who hire and retain veterans and other individuals with significant barriers to employment (Sec. 3229).

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